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What Can You Do to Face a Doom's Day? - Investment Planning!

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With mass lay offs in large companies financial situation has been really grim. Be it lay offs or salary deduction to over come the recession period, future is uncertain. Have you planned for your future? What do you plan to do if things go astray all of a sudden and you are left with no savings or earnings for the coming months? How will you cope with such a situation? What about your medical bills, monthly expenditure, house rent, credit card bills, mobile bills, electric bills etc.

Firstly, you must have an insurance in place!

If you have to protect your earnings in future you must have an income protection plan. This policy will provide you a supplemental income in case you have lost your job, met with an accident, feeling sick and are bed ridden etc. What ever be your situation and you are out of employment, an insurance company will pay you till you get back to work. It can be roughly around 6 months till you find another job. If you are bed ridden, it may pay you till you get back to work or for life long if you can't resume to work.

Secondly, you should learn how to reduce your expenditure. You need to bring down your monthly budget and spend little on your electric bills, cut down your mobile usage, stop using your credit cards so that you don't have heavy dues on your credit card.

Statistics on unemployment:

The year 2008, witnessed an all time high on unemployment. Lot of them lost their job, which was estimated to be around 84,000. This is a clear 6.1% unemployment rate, on an average. Some had to file for bankruptcy in order to cope up with the situation. Having been unable to meet the mortgage payments on time, they lost their security which was pledged.

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Topic starter Posted : 17/03/2010 9:09 am